By: Garland M. Baker B.
Exclusive to A.M. Costa Rica
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The panic continues for those with a company, association, trust, or other legal entity in Costa Rica that is required to file shareholders and beneficial owners report with the Central Bank, as mandated by Law 9416.
Unbeknownst to most American expats, they have another problem, IRS Form 5471. In a month's worth of interviews with many U.S. citizens who own companies in Costa Rica, only three people could be found who file the required form. The U.S. fine for not doing so is $10,000 per instance.
